商业研究

商业研究

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会计师事务所发审委社会资本对公开再融资审核决策的影响 ——基于中国资本市场2003-2013年公开再融资数据的分析

刘凤君，郭丽虹   

  1. （上海财经大学 金融学院，上海 200433）
  • 收稿日期:2019-01-17 出版日期:2019-08-22
  • 作者简介:刘凤君（1976-），男，黑龙江讷河人，上海财经大学金融学院博士研究生，研究方向：公司金融、普惠金融；郭丽虹（1970-），女，湖北江陵人，上海财经大学金融学院教授，博士生导师，经济学博士，研究方向：公司金融。
  • 基金资助:
    国家社会科学基金一般项目“强制分红政策对资源配置效率的影响研究”，项目编号：16BJL047；上海市哲学社会科学规划课题“民间投资与金融资源配置研究”，项目编号：2014BJB013。

The Impact of Social Capital of CPA Firm Issuance Examination Committee on the Decision-making of Public Refinancing Audit:An Analysis based on Open Refinancing Data in China′s Capital Market from 2003 to 2013

LIU Feng-jun,GUO Li-hong   

  1. (School of Finance, Shanghai University of Finance and Economics, Shanghai 200433, China)
  • Received:2019-01-17 Online:2019-08-22

摘要： 发审委社会资本仅仅是IPO市场上的权利寻租渠道？本文以2003年12月1日至2013年12月31日期间上市企业的配股和公开增发申请为研究对象，考察会计师事务所的发审委社会资本对企业再融资审核决策产生的影响。研究发现：申请企业聘请的或曾经聘请过的会计师事务所拥有的现任和历任发审委社会资本都显著提高了审核通过率；而非国有企业偏好借助方式更加直接、效果相对明显的、来自现任委员的任职权利；国有企业则更偏好于使用任职期间所获得的、更为隐蔽和稳妥的隐性知识。这意味着发审委社会资本对发审委审核决策的影响并不局限于IPO市场，所采取的手段除了直接权利寻租，还包括隐性知识的利用。因此，应加强公开再融资市场监管，打击借助发审委社会资本的寻租行为。

关键词: 发审委社会资本, 资本配置决策, 隐性知识, 寻租

Abstract: Is the social capital of the Issuance Examination Committee merely the right rent-seeking channel in the IPO market?Taking the application for share allotment and public additional issue of listed companies from December 1, 2003 to December 31, 2013 as research object,this paper examines the impact of social capital of the Issuance Examination Committee of CPA firm on the decision-making of refinancing audit.The research finds that the current and successive social capital owned by the CPA firms that applied for or had been hired by enterprises has significantly improved the pass rate of auditing;non-state-owned enterprises prefer to use more direct, relatively obvious effects from the incumbent members′ rights and powers, while state-owned enterprises prefer to use more covert and stable tacit knowledge acquired during their tenure.This means that the impact of social capital of the Issuance Examination Committee on the decision-making of the Issuance Examination Committee is not limited to the IPO market, but also includes the use of tacit knowledge in addition to the direct right to rent-seeking. Therefore, we should strengthen the supervision of the open refinancing market and crack down on rent-seeking through social capital of the Issuance Examination Committee.

Key words: The Social Capital of Issuance Examination Committee, the decision-making of capital allocation, tacit knowledge, rent-seeking